FWU Group receives best Bancatakaful award at London ceremony

FWU Group became the proud recipient of the “Best Bancatakaful Provider” award at the ceremony held during the 4th International Takaful Summit in London. The event, hosted in the prestigious Jumeirah Carlton Tower Hotel, recognized the most successful Islamic insurance companies worldwide.
Dr. Manfred Dirrheimer, Chairman and CEO of FWU Group said: “This award is a major accomplishment for us as a company and the result of our team work in product innovation and efficient process development. At a global level, we are today the leading producer of Bancatakaful in all five markets we have a presence in.” 
 “Our success can be attributed to all our bank distribution partners and the Takaful operators with whom we have a strategic alliance,” he added.
“We are proud to have excellent working relationship with our Shari’ah Board, Retakaful partner, our international fund managers, service providers including the custodian bank and our active participation with the Takaful group of global industry bodies like IFSB, all of them have contributed to FWU Group receiving this award” said Sohail Jaffer, Partner and Head of International Business Development.
Indeed, it is the second time FWU Group receives an accolade from the International Takaful Awards. In 2008, the award was for “Best Takaful Product”, already recognizing FWU Group’s growing geographical footprint as well as its reputation for innovation, creative product design, IT systems and quality of unit-linked investment offerings.
FWU Group offers its bank distribution partners an open investment architecture where they can incorporate their own Shari’ah-compliant funds into the investments universe as well as a proprietary quantitative investment model for the monthly fund selection and allocation. FWU Group has also created a proprietary web portal, which facilitates the customer sales process, policy administration and provides automated underwriting capability.
FWU Group specializes in white label Family Takaful unit-linked investments and as an innovative product partner, offers the Takaful operator a customized product family, which includes savings, education, marriage and pension plans. A second generation of this product suite has recently been developed and approved by various Shari’ah Boards to meet with customers’ broader financial planning needs. As part of its second generation of products, FWU Group has developed a dynamic principal-protected equity strategy, in conjunction with an international bank. This technology was introduced on the European market in August 2008 for conventional unit -linked investment business. It has now received full approval from FWU Group’s Shari’ah Board and has been offered to the group’s Bancatakaful partners in the UAE.
Going forward, FWU Group has ambitious plans for the Shari’ah-compliant insurance industry and is planning to further extend its outreach to countries such as Turkey, Egypt, Indonesia and Morocco. FWU Group’s aim is to create a Family Takaful business not only for the worldwide Muslim community but also for consumers in the conventional consumer markets and has been tireless in its efforts to promote the Life Takaful industry.
Photo caption: From right to left: Sohail Jaffer receives "Best Bancatakaful Provider” award.